Australia's wine glut

The Wine Economist reports that Australia's overproduction of wine has reached a crisis point:
Australia has an accumulated surplus of 100 million cases of wine that will double in the next two years if current trends continue, according to the report. The annual surplus is huge – equal to all UK export sales and there is [...]

NEW DELHI: Spurred by the prospect of an end to western sanctions, Iran has agreed to consider Indian demands for steep oil price discounts and other buying incentives, sources said, as it works to rebuild market share in a world awash with crude. Tehran's return to the market will deepen a global supply glut that has cut benchmark Brent crude prices by two-thirds since 2014, below the lows hit during the 2008 financial crisis and to levels last seen in 2004, leaving producers to battle for market share. The National Iranian Oil Company's international affairs director, S.M.

Australian drinks giant Foster's Sunday warned one quarter of the nation's grape vines needed to be pulled up to reverse a damaging wine glut forcing growers to let their fruit wither on the vine.Chief executive Ian Johnston said global wine growers were experiencing a "very painful period" due to the global economic downturn, and a significant amount of Australia's vineyards needed to be pulled up."The commonly held number is somewhere around 30,000 to 40,000 hectares, about a quarter of what is planted," Johnston told ABC television's Inside Business programme.

Wheat prices are down over 50% from 2008 high and 37% since early this year in a global glut of wheat.Please consider Wheat Shippers Battle for Sales as Global Grain Glut Expands.France may lose its place as the second-biggest wheat exporter after failing to win more than a dozen tenders in Egypt, the world’s biggest buyer, as shipments from Russia, Ukraine and Kazakhstan overwhelm markets.

Australian winegrowers have been forced to let their grapes wither on the vine and halt production due to damaging levels of over-supply in the sector, a leading industry body said Sunday.The country needs to lose 20 percent of its vineyards to counter the glut, which, coupled with a strong Australian dollar, has left the industry facing its worst crisis in decades, the Winemakers' Federation of Australia said."The over-supply is in the order of magnitude of about 20 percent of the industry," chief executive Stephen Strachan told AFP.